The New Latin America

Latin American stocks are down 8% after a decade of solid returns. Think small and forget the biggest stocks in Brazil and Mexico.

Blame it on Brazil. Or China. Heck, you can even blame it on the Fed. Emerging markets are doing terribly this year, with Latin America leading the way down. But the changing landscape has opened up some new opportunities for intrepid investors.

After growing at an average pace of 6.4% a year over the past decade, emerging markets are expected to expand by 4.5% this year, with Brazil's economy slowing even further, according to the International Monetary Fund. That's a bitter pill for investors who flocked to these...